Tuesday, June 16, 2015

Tuesday roundup (06-16-15)

Greek debt crisis reaches 'DEFCON 1' as savers pull €400m in ONE DAY and markets plunge: PANIC has descended on Greece as the debt-stricken country careers out the eurozone - with savers pulling millions in cash while investors continue to flee financial markets. (The Express) ["DEFCON 1" = "Maximum readiness" in defense terminology] (Wikipedia)

Euro zone banks body in 'close contact' with Greek counterparts (Reuters)

Ifo chief Hans-Werner Sinn yearns for Grexit: A Greek exit from the euro is the most sensible thing to do under the current circumstances, says the head of the German Ifo economic think tank. He says the 'experiment' to rescue the country financially has failed. (Deutsche Welle)

Greek exit real prospect as eurozone hardens towards belligerent Athens: Tsipras’s abrasive tone and accusations of ‘criminal conduct’ by IMF stokes more anger as EU officials prepare to gather at Luxembourg last chance saloon (The Guardian) Euro zone discussing 'less favorable' Greek outcomes: Dombrovskis (Reuters)

Greek PM tears into lenders as euro zone prepares for 'Grexit' (Reuters) Eurozone braces for Greek exit as Athens threatens to miss IMF payment: Greece’s prime minister Alexis Tsipras says the fixation on cuts is ‘most likely part of a political plan to humiliate an entire people’ (The Guardian)

Factbox: How much Greece owes to international creditors (Reuters)

Why [United States] Presidential Candidates Are Talking About the Unique Threat Posed by Wall Street's Megabanks (The Huffington Post)

In A.I.G. Case, Surprise Ruling That Could End All Bailouts (The New York Times blogs)

Statoil [in Norway] to Lose 2,000 More Jobs After Collapse in Crude (Bloomberg)

Woolworths [in Australia] to cut 1200 jobs, issues profit warning as CEO exits (The Australian Business Review)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

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